KUALA LUMPUR, Malaysia, Aug. 19, 2024 /PRNewswire/ — The rapid pace of digital adoption in financial crime poses a significant challenge for financial institutions to counter financial crime. Financial institutions must be sensitive and proactive in monitoring the various typologies of fraud, scams and cyber threats. Malaysia reported a staggering RM3.2 billion in losses through online scams between 2021 and April 2024 — which affected over 95,800 victims — compared to RM804 million recorded in 2022[1]. Additionally, the first half of 2024 recorded 14,490 online fraud cases, with losses exceeding RM581 million[2]. Incidentally, fraud scams and bank fraud schemes accounted for USD485.6 billion in projected losses globally in 2023, underscoring the prevalence of this crime worldwide[3].
Dato’ Marzunisham Omar, Deputy Governor, Bank Negara Malaysia; Abd. Rahman Abu Bakar, Assistant Governor, Bank Negara Malaysia; Tan Sri Azman Hashim, Chairman, Asian Institute of Chartered Bankers; Faradina Ghouse, Chairman, AICB’s Compliance Officers’ Networking Group; Group Chief Compliance Officer, AmBank Group; and AICB CEO Edward Ling, along with key industry representatives at the IFCTF Masterclass 2024.
These challenges in combatting financial crime also offer opportunities for improved and robust detection and prevention measures that leverage the power of data, analytics, machine learning and artificial intelligence to continuously enhance supervision, regulation and compliance controls; strengthen greater cross-border collaboration and knowledge sharing with key AML / CFT agencies and regulatory bodies globally; enhance AML / CFT capacity-building initiatives, and elevate the awareness of private and public sectors in upholding a culture of integrity, transparency and accountability.
Recognising the urgency of these requirements, the Asian Institute of Chartered Bankers (AICB) and its Compliance Officers’ Networking Group (CONG) proudly organised a special two-day International Conference on Financial Crime and Terrorism Financing (IFCTF) Masterclass 2024 on 19–20 August 2024 at Shangri-La Kuala Lumpur, to provide an immersive learning experience on key areas of the financial sector. Themed "Combatting Financial Crime and AML / CTF / CPF: A Technical Deep Dive", the Masterclass series aimed to foster a collaborative environment that promotes deeper understanding and stimulates innovative thinking through a series of masterclass sessions led by distinguished global and regional subject matter experts.
Bank Negara Malaysia Deputy Governor Dato’ Marzunisham Omar, in his opening address, said: "In fighting financial crimes, quick action between institutions could make all the difference. This is why we have established platforms such as the National Scam Response Centre (NSRC) and Financial Sector Cyber Threat Intelligence Platform (FinTIP). These platforms bring together not just financial players or law enforcement agencies, but also key stakeholders such as telecommunication companies. The goal is to foster relationships and engagements that allow us to keep pace with developments and act speedily in a time-critical environment."
In his welcome remarks, AICB Chairman Tan Sri Azman Hashim said: "Given their indispensable role in safeguarding the nation’s financial system, it is crucial to cultivate the banking workforce’s ability to anticipate, deter, and effectively mitigate increasingly sophisticated financial crimes. In empowering our members to address this formidable challenge, AICB continues to advocate for lifelong learning, upskilling and reskilling and this year, we have launched several new courses designed to strengthen our members’ capabilities in key areas of banking in this digital era. We also recently launched the first Future Skills Framework for the Malaysian financial sector, which is designed to promote skills mastery, support continuous learning, enhance talent mobility, and facilitate a more future-ready workforce, effectively raising the bar on professional excellence and advancing the growth of the Malaysian financial sector."
Compliance Officers’ Networking Group Chairman Faradina Ghouse said: "Fighting financial crime requires a strong, united front. The financial industry, regulators, enforcement agencies, and relevant global organisations must continue to collaborate in this effort as only through collective action and shared expertise can we effectively combat these threats and protect the integrity of our financial systems."
The IFCTF Masterclass 2024 featured an intensive exploration of the financial crime landscape through in-depth, hands-on sessions that delved into critical areas, including the Financial Action Task Force (FATF) recommendations, proliferation financing, terrorism financing, national and sectoral risk assessments, beneficial ownership, anti-bribery and corruption, transnational organised crime, fraud, regulatory compliance, and inter-agency cooperation.
The technical discourse between global subject matter experts and seasoned industry practitioners underscored the escalating sophistication of financial crimes and its severe detrimental effect on the nation’s economic growth and financial stability, further emphasising the importance of developing specialised expertise in financial crime prevention and compliance. The knowledge and skills acquired through the IFCTF Masterclass 2024 provide a firm foundation for financial professionals to build customer trust, contribute to industry best practices, and ultimately safeguard the integrity of Malaysia’s financial system.
As one of the region’s most influential thought leadership platforms centred on combatting financial crime and terrorism financing for over 13 years, IFCTF continues to play a vital role in elevating industry standards and fostering collaboration between banking professionals globally, empowering them with new knowledge on effective strategies and best practices in the fight against financial crime.
The IFCTF Masterclass 2024 drew over 700 delegates from local and international financial institutions, comprising senior compliance officers, risk management professionals, regulators, and government and law enforcement officials, who participated in the dynamic exchange of keen insights, innovative strategies and practical solutions to address the increasingly complex issues of financial crime and AML / CFT / CPF and fortify banks’ defences against growing threats.
Find out more about AICB’s upcoming events at www.aicb.org.my/events/upcoming.
About Asian Institute of Chartered Bankers
The Asian Institute of Chartered Bankers (AICB) is the sole professional body for Malaysia’s banking industry governed by a council of representatives from Bank Negara Malaysia (BNM), The Association of Banks in Malaysia (ABM), and the Malaysian Investment Banking Association (MIBA). With over 35,000 members, AICB aims to strengthen the banking workforce with the highest standards of professional conduct, knowledge, and competence through our banking qualifications.
AICB is the only institute in Southeast Asia that is authorised by the Chartered Banker Institute, UK, to award the Chartered Banker status. The Institute continues to support the growth of its members through innovative learning and by advocating professionalism, advancing thought leadership, and facilitating networking opportunities.
For more information on AICB, please visit www.aicb.org.my
[1] New Straits Times. (2024, August 12). RM3.2B lost to online scams between 2021 and April 2024 – Gobind: New Straits Times. https://www.nst.com.my/business/economy/2024/08/1090337/rm32b-lost-online-scams-between-2021-and-april-2024-gobind
[2] Bernama. (2024, June 27). 14,490 cases of online fraud recorded in first half of this year – Kulasegaran.. https://www.bernama.com/en/news.php?id=2311959
[3] Nasdaq. (2024). NASDAQ Verafin 2024 global financial crime report. https://www.nasdaq.com/global-financial-crime-report
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